Universal Mortgage & Finance Rates, Fees & Info
LUTHERVILLE, MDLEI: 549300FFPMB9B7FHNR61
Tax ID: 52-2276553
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Universal Mortgage & Finance is a smaller mortgage company specializing in Home Purchase and Refi loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others. Universal Mortgage & Finance has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Universal Mortgage & Finance is typically a high fee lendor.Originations
330Origination Dollar Volume (All Markets)
$110,920,000Relative Rate
Universal Mortgage & Finance 's average 30 year fixed rate mortgage of loans were
3.34%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.19%.
Relative Fees
Universal Mortgage & Finance 's average total fees for a 30 year fixed rate
mortgage are $9,820.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 133 | $48,815,000 | $367,030 | $11,028 | 3.29% |
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 81 | $25,855,000 | $319,198 | $9,558 | 3.23% |
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 31 | $9,415,000 | $303,710 | $7,802 | 3.34% |
RENO, NV (FHA|USDA|VA) | 20 | $7,130,000 | $356,500 | $7,177 | 3.31% |
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 10 | $2,720,000 | $272,000 | $8,287 | 3.64% |
JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $1,640,000 | $410,000 | $12,490 | 3.53% |
SALISBURY, MD-DE (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $11,747 | 3.25% |
ROANOKE, VA (FHA|USDA|VA) | 2 | $1,030,000 | $515,000 | $7,478 | 3.56% |
PANAMA CITY, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $9,129 | 4.75% |
Outside of Metro Areas | 6 | $970,000 | $161,667 | $5,273 | 3.31% |
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $5,395 | 3.44% |
Fernley, NV (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $7,868 | 3.31% |
WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $7,467 | 3.92% |
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,225 | 3.88% |
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $10,408 | 3.25% |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,223 | 3.50% |
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,503 | 3.25% |
CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,786 | 3.99% |
DALTON, GA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,682 | 3.15% |
RICHMOND, VA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,312 | 3.38% |
Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $9,057 | 3.25% |
Cambridge, MD (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $10,877 | 3.44% |
LYNCHBURG, VA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,667 | 3.38% |
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,061 | 2.75% |
ASHEVILLE, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 2.59% |
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $19,917 | 3.75% |
Jesup, GA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $19,207 | 3.25% |
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $12,073 | 3.63% |
STAUNTON, VA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 2.57% |
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,298 | 2.88% |
YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $7,600 | 4.00% |
OCALA, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $10,582 | 3.00% |
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,952 | 3.50% |
Granbury, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,869 | 3.88% |
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,098 | 3.75% |
DOVER, DE (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,153 | 2.88% |
CARSON CITY, NV (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,892 | 3.25% |
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,798 | 3.00% |
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,506 | 3.99% |
Universal Mortgage & Finance 's top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others.
Product Mix
Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Conventional | 182 | $58,350,000 | $320,604 | $7,073 | 3.38% |
FHA | 106 | $35,700,000 | $336,792 | $13,448 | 3.25% |
VA | 37 | $15,405,000 | $416,351 | $11,411 | 3.18% |
USDA | 5 | $1,465,000 | $293,000 | $8,713 | 3.13% |
For the 2021 period, Universal Mortgage & Finance 's most frequently originated loan type of loans were Conventional, with 182 originations. Their 2nd most popular type is FHA, with 106 originations.
Loan Reason
Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Home Purchase | 186 | $66,170,000 | $355,753 | $10,761 | 3.36% |
Refi | 77 | $25,045,000 | $325,260 | $7,442 | 3.13% |
Cash Out Refi | 66 | $19,510,000 | $295,606 | $8,880 | 3.41% |
Other | 1 | $195,000 | $195,000 | $0 | 3.25% |
For the 2021, Universal Mortgage & Finance 's most frequently cited loan purpose of loans were Home Purchase, with 186 originations. The 2nd most popular reason of loans were Refi, with 77 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 305 | $105,015,000 | $344,311 | $9,820 | 3.34% |
15 Year | 12 | $2,950,000 | $245,833 | $5,397 | 2.76% |
Other | 7 | $1,555,000 | $222,143 | $7,722 | 2.99% |
20 Year | 5 | $1,215,000 | $243,000 | $8,251 | 3.52% |
10 Year | 1 | $185,000 | $185,000 | $4,529 | 2.75% |
For the 2021, Universal Mortgage & Finance 's most frequently cited loan length of loans were 30 Year, with 305 originations. The 2nd most popular length of loans were 15 Year, with 12 originations.
Origination Fees
Origination Fee | Originations | Total Value | Average Loan |
---|---|---|---|
$1k-2k | 107 | $36,235,000 | $338,645 |
$5k+ | 101 | $39,985,000 | $395,891 |
$3k-4k | 77 | $23,225,000 | $301,623 |
$2k-3k | 38 | $10,060,000 | $264,737 |
$<1k | 1 | $305,000 | $305,000 |
$9,820 of loans were Universal Mortgage & Finance 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 107 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
3-4% | 215 | $70,895,000 | $329,744 |
2.5-3% | 68 | $24,920,000 | $366,471 |
4-5% | 24 | $7,330,000 | $305,417 |
<2.5% | 23 | $7,775,000 | $338,043 |
During 2021, Universal Mortgage & Finance 's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 3-4%, with 215 originations.
Loan Sizing
Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$200k-400k | 186 | $54,420,000 | $292,581 | $8,875 | 3.30% |
$400k-600k | 79 | $37,875,000 | $479,430 | $11,842 | 3.22% |
$100k-200k | 46 | $7,520,000 | $163,478 | $6,041 | 3.50% |
$600k-1MM | 14 | $9,820,000 | $701,429 | $18,476 | 3.26% |
$100,000 or less | 4 | $280,000 | $70,000 | $5,506 | 3.75% |
$1MM+ | 1 | $1,005,000 | $1,005,000 | $9,129 | 4.75% |
2021 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 186 originations, totaling $54,420,000 in origination value.
Applicant Income
Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$75k-100k | 85 | $27,475,000 | $323,235 | $10,213 | 3.39% |
$100k-150k | 83 | $30,895,000 | $372,229 | $10,478 | 3.34% |
$50k-75k | 71 | $19,005,000 | $267,676 | $8,221 | 3.20% |
$150k-250k | 47 | $19,665,000 | $418,404 | $10,238 | 3.29% |
$50k or less | 33 | $8,475,000 | $256,818 | $7,682 | 3.20% |
$250k+ | 11 | $5,405,000 | $491,364 | $9,648 | 3.68% |
Universal Mortgage & Finance lent most frequently to those with incomes in the $75k-100k range, with 85 originations. The second most popular income band? $100k-150k, with 83 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-30% | 51 | $15,965,000 | $313,039 | $8,062 | 3.22% |
30-36% | 47 | $15,525,000 | $330,319 | $9,546 | 3.40% |
50-60% | 33 | $12,875,000 | $390,152 | $14,425 | 3.24% |
39% | 16 | $5,320,000 | $332,500 | $10,563 | 3.58% |
49% | 16 | $5,640,000 | $352,500 | $14,376 | 3.17% |
44% | 15 | $4,535,000 | $302,333 | $8,699 | 3.58% |
37% | 15 | $4,565,000 | $304,333 | $9,269 | 3.43% |
36% | 14 | $4,550,000 | $325,000 | $9,335 | 3.33% |
<20% | 14 | $4,180,000 | $298,571 | $6,437 | 3.33% |
48% | 13 | $4,115,000 | $316,538 | $9,079 | 3.37% |
45% | 13 | $5,195,000 | $399,615 | $10,329 | 3.27% |
41% | 12 | $4,150,000 | $345,833 | $9,557 | 3.18% |
47% | 12 | $3,740,000 | $311,667 | $8,648 | 3.45% |
43% | 11 | $3,735,000 | $339,545 | $8,152 | 3.34% |
42% | 10 | $3,370,000 | $337,000 | $7,102 | 3.66% |
46% | 9 | $2,675,000 | $297,222 | $9,051 | 3.30% |
40% | 9 | $3,415,000 | $379,444 | $6,949 | 3.21% |
38% | 9 | $3,625,000 | $402,778 | $9,198 | 3.17% |
>60% | 1 | $315,000 | $315,000 | $0 | 2.57% |
Universal Mortgage & Finance lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 140 | $45,630,000 | $325,929 | $8,708 | 3.29% |
Black | 138 | $45,400,000 | $328,986 | $10,564 | 3.35% |
Not provided | 47 | $18,055,000 | $384,149 | $9,339 | 3.28% |
Asian | 2 | $970,000 | $485,000 | $13,002 | 3.13% |
Filipino | 2 | $560,000 | $280,000 | $6,353 | 3.63% |
American Indian | 1 | $305,000 | $305,000 | $10,185 | 3.00% |
Approval Rates
Total approvals of all applications96.58%
Universal Mortgage & Finance has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.26%
Universal Mortgage & Finance has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 330 | $110,920,000 | $336,121 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
330 | $110,920,000 | $336,121 |
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-40% | 8 | $1,660,000 | $207,500 | $5,008 | 3.30% |
40-60% | 23 | $5,595,000 | $243,261 | $5,094 | 3.19% |
60-80% | 97 | $32,205,000 | $332,010 | $8,461 | 3.33% |
80-100% | 192 | $67,580,000 | $351,979 | $10,418 | 3.32% |
Over 100% | 8 | $3,720,000 | $465,000 | $21,090 | 3.16% |
Under 20% | 2 | $160,000 | $80,000 | $0 | 4.25% |
Complaints
Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
UNIVERSAL LENDING CORP. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |